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Central Bank of Liberia challenges credit unions

Mulbah Kessellie/Joseph T. Koon
 Photo of CBL Workshop Session
Photo of CBL Workshop Session

MONROVIA, LIBERIA- The Central Bank of Liberia (CBL) has challenged credit unions across the country to utilize and uphold the new financial regulations of the bank.

CBL Director of Micro Finance, El- Tumu Trueh, said, policy implementation is essential for the growth and development of any institution if it must engender better service delivery and integrity.

Mr. Trueh wants heads of credit unions exhibit the posture of trustworthiness and confidence, characterized by diligence and commitment.

The CBL Micro Finance Director made the statement recently at the start of a two-day workshop organized by the Central Bank of Liberia for heads of Credit Unions in the Country.

He said: “The workshop was aimed at introducing the new financial regulations developed by the CBL for use by their respective unions.”

“The regulations, among other this, mandate all credit unions to be licensed as a prerequisite for operation in Liberia,” Mr. Trueh emphasized.

In remarks, the Board Chairman of Credit Unions, Saye Biye, praised authorities of the Central Bank of Liberia for the workshop.

Mr. Biye described the collaboration between the CBL and credit unions as rewarding for the mutual benefits of their respective institutions.

He said: “The workshop has afforded credit unions the opportunity to understand their roles and responsibilities in the overall operations of their entities.”

The workshop is consistent with the Central of Bank Liberia Acts of 1999 and its Authority under the Financial institutions Act of 1999 Sections 39 and 55 issued on December 4, 2015.

 


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